Premium
The 'premium' is the term used to describe the payments that you make to pay for insurance.
Premiums can be a one-off cost, known as a 'single premium' or be an ongoing regular premium, usually payable monthly or annually; but occasionally payable on a quarterly or six-monthly basis.
If you stop paying your regular premium, your cover will normally lapse, with all benefits ceasing.
It is important that premiums for a policy in trust are paid from your own single-name bank account. |
